The Chatter: On Record
Edition #15
Welcome to the 15th edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
What's new in this edition:
Sectoral Takeaways: Clear, concise summaries highlighting key trends and strategic shifts emerging within each sector, drawn directly from company management commentary.
Broader Insights: We're now sourcing valuable insights not just from concalls, but also from exclusive management interviews, ensuring you don't miss out on any valuable information.
We'd love your feedback on these new additions! Also, we're always eager to improve—please share your ideas on how else we can innovate "The Chatter" format to better serve your needs.
In this edition, we have covered the 19 companies across 7 industries:
Retail
Raymond Lifestyle Ltd
Just Dial
Credo Brands Marketing (MUFTI)
PVR Inox
Financial services
Shriram Finance
Power Finance Corp
Indian Energy Exchange
FMCG
Heritage foods
Hatsun Agro Products
Allied Blenders
Real Estate
Oberoi Realty
Prestige Estates Projects
Engineering & Capital Goods
Jupiter Wagons
Scoda Tubes
Mothersonsumi Wiring
Usha Martin
Chemicals
Godrej Industries
Global
Nike
Netflix
Retail
Raymond Lifestyle Ltd | Small Cap | Retail
Raymond Lifestyle, formerly known as Raymond Consumer Care, is a leading Fashion and Retail company with iconic men’s fashion brands and a vast retail network. Incorporated in 2018, the company offers a wide range of fashion products and services including branded textile and apparel brands across formal, casual, and ethnic wear.
The Management is executing a strategic pivot from company-owned stores to franchise-led expansion, acknowledging that the business model is now "fully established" and franchisees are seeing value in the business.
“Now the apparel business, we have reached to a certain level and our whole focus of going forward in the store would be more and more in terms of opening a franchise-led store. As far as ethnix is concerned, again, the business model is set, people are seeing the value in this business, and therefore we will be getting more and more franchisees to open the store."
— Amit Agarwal (Group CFO)
Raymond benefits from a 30% tariff advantage over China in US markets and expects 30-40% growth in UK business (currently 20-22% of garmenting revenue) over two years following the India-UK FTA.
"On the US tariff front, for all our Garmenting products, we would be benefiting from a substantial tariff differential of approximately 30-odd-percent vis-à-vis China. This competitive edge allows us to offer more attractive pricing and enhance our market position and improve the market share with our customers in the US.
"Yes, I think very clearly about this FTA, we have been waiting for this FTA for a very, very long time. Clearly, it's indeed a great move. We do roughly, I think 20%, 22% of our entire garmenting business with the UK. We expect clearly maybe 30%, 40% to grow that business over the next two years or so.”
— Amit Agarwal (Group CFO)
Management made two key strategic errors: underestimating weak demand despite early warning signs, and expanding too aggressively (350 stores in 3 years) even as stores took longer to break even.
"No, I think the demand is one. And you see, normally 24 months is a decent time frame by which a store becomes decent breakeven. But if the demand scenario goes weaker, obviously, 24 extends to 36, 40 months. And that is that additional one year period. And as we said, 350 stores have opened in the last three years, so you can well imagine the impact of these rentals and the manpower cost.
— Amit Agarwal (Group CFO)
Just Dial | Small Cap | Retail
Just Dial Limited is India's leading Local Search engine providing search-related services to users through various platforms like website, mobile app, telephone, and SMS. It helps businesses become internet-ready and offers solutions for digital transformation. The company offers transaction-enabled websites, ratings tools, and payment gateway solutions for SMEs.
The company reveals that Just Dial has "almost eliminated our cold calling telesales team" and shifted to "qualified data" approach, resulting in "2.5x, 3x" productivity improvement.
“the productivity of a telesales person working on a qualified data is almost 2.5x, 3x of someone working simply on a cold calling basis.”
So, few quarters back, as we had mentioned that the bottom 10%, 20% of the sales team where the productivity was much lower, we had tried to rationalize the same. And in recent quarters, we have almost eliminated our cold calling telesales team."
— Abhishek Bansal (CFO)
Management is implementing category-specific dynamic pricing for non-premium listings, which represents 50% of total revenue. This shift from geographic-only pricing to keyword and category-based pricing.
“So a spa in Malad West has a different pricing versus a spa in Mira Road and so on. In non-premium listings, pricing was mostly customized at geography level. A price in Mumbai, the entry level would differ from a price in Hyderabad, but that entry level used to be the same across keywords. We have now made that as well dynamic, because we realize it's not fair to charge the same INR2,000 per month to a grocery store versus INR2,000 per month to, say, a real estate agent."
— Abhishek Bansal (CFO)
The CEO revealed an unannounced e-commerce platform initiative launching next quarter, positioning it as a discovery layer for online merchants rather than direct competition with Amazon/Flipkart. This represents a significant strategic expansion beyond traditional local search.
"Yes. We are thinking of online shopping for which probably next quarter, you'll get a flavor of it, which is pure online shopping site."
“The experience could be slightly better than what you see in Amazon and all in terms of cataloging and all that. But in terms of your buying pattern is you have to go and buy on the third-party website. Something like what you see on Facebook Insta and..."
— Abhishek Bansal (CFO)
Management has quietly abandoned previously discussed Reliance synergy initiatives, suggesting that expected parent company benefits have not materialized.
“So, on that particular initiative, what we have realized is that in terms of our traffic, some of these initiatives may not actually move the needle that much in terms of, say, I already have 190 million users and a good chunk of usage originates from searches that happen on Google.”
— Abhishek Bansal (CFO)
The disparity between mobile traffic growth (15%) and overall traffic growth (11.8%) indicates desktop usage is declining rapidly, with mobile now representing 87% of total traffic. This shift has implications for user experience design and monetization strategies.
“Coming to traffic. Traffic trends have been healthy. We had 191.3 million quarterly unique visitors, growing 11.8% year-on-year. Mobile traffic, which forms 87% of our traffic witnessed about 15% year-on-year growth."
“ … but the most relevant component is obviously the mobile traffic, the 87% component The 87% mobile traffic is growing at about 14.5%, 15% level with, say, around INR6 crores, INR6.5 crores ad spend on user-related campaigns."
— Abhishek Bansal (CFO)
Management revealed that Tier 2/3 cities generate 55% of traffic but have pricing that's only half of Tier 1 cities, indicating a substantial pricing opportunity as these markets mature.
"So, see Tier 2, even at this point of time, it's not that my -- I will have to check what is the split of our A&P spends between Tier 1 versus Tier 2, Tier 3. But broadly, in our overall traffic, 45% of our traffic broadly comes from Tier 1 cities and about 55% from Tier 2 , Tier 3 cities. So we do adequate advertising in Tier 1 cities as well. Just that Tier 2, Tier 3 cities, in terms of realization, they are half of Tier 1.“
— Abhishek Bansal (CFO)
Credo Brands Marketing Ltd (MUFTI) | Small Cap | Retail
Credo Brands Mktg. Pvt. Limited manufactures and markets apparel for men under the brand Mufti primarily in India. The company was incorporated in 1999 and is based in Mumbai, India.
Khushlani revealed that Credo takes back all unsold inventory from partners and manages to liquidate it profitably through alternative channels, achieving "approximately 20% Return on capital, one of the best in the industry" while ensuring "no material write-offs on account of bad debts in the history of Mufti.".
“Post discount, any unsold merchandise is returned to Credo. Instead of holding on to this excess inventory unsold at the point of sale, the company efficiently sells it through online channels and factory outlets, ensuring sell-through and generating profit even from previously unsold stock. This business model leads to higher inventory for some time, but it is compensated by higher EBITDA margins, resulting at approximately 20% ROCE, one of the best in the industry.”
— Kamal Khushlani (Chairman & MD)
This reveals a brand positioning strategy that aims to capture market expansion both upward and downward simultaneously. The "bridge brand" concept suggests they're not just premiumizing but creating a scalable platform for multiple customer segments.
“So what we are looking to do is just evolve that to the next level so that we remain relevant in the table of brands in the pyramid where we remain a bridge to the international premium brands, which are a bridge to luxury brands. And we intend to remain there and not go down there as consumers aspire for more and more as they acquire wealth and want to acquire more socially.So the elasticity will be such that we would be aspirational for some, and we will be a comfort brand for some.”
— Kamal Khushlani (Chairman & MD)
Management demonstrates unusual discipline in the current market environment where most companies are pressured to show growth.
“These are times where you ensure that you consolidate and you make sure that you're growing profitably in the right way.”
“We will never do that because eventually, those hands -- that haunts the value of the brand and you're able to realize less and less as you go forward, if you chase too much growth in these kind of market conditions.”
— Kamal Khushlani (Chairman & MD)
Contrasts with typical industry approach of aggressive online expansion at any cost. Management is building digital capabilities while maintaining discipline on margin preservation.
“We shall start increasing our business in a manner where we see that customers are becoming conducive to buying on full price, fresh price, et cetera. And that's how we'll slowly, slowly go on increasing our spends there to acquire new customers, to acquire business and to generate demand even for existing customers.”
— Kamal Khushlani (Chairman & MD)
Higher working capital days are strategic choice rather than operational weakness, resulting in higher margins and partner loyalty. Zero write-offs indicate superior partner selection and relationship management.
“But just to nuance that, that the debtors that we have are pretty much risk free. There haven't been any material write-offs on account of debtors. These are long-standing relationships that we have with them... We do support them in these ways. We do make it risk-free from our customers and take back whatever is unsold. That helps us enjoy better margins”
— Kamal Khushlani (Chairman & MD)
Conservative guidance likely to be achievable or exceeded, providing potential for positive surprises when market conditions improve.
“However, as the market conditions began to normalize, consumer spending power declined due to rising interest rates and increasing inflation. This is part of a recurring economic cycle. As a result, consumer demand decreased compared to the previous years, which impacted Mufti's growth trajectory in FY '24 and FY '25.”
— Kamal Khushlani (Chairman & MD)
PVR Inox | Small Cap | Media & Entertainment
PVR INOX Limited is a leading film exhibition company in India, formed by the merger of PVR Cinemas and INOX Leisure Limited. It operates a vast network of cinemas, including various premium formats, and is involved in movie exhibition, distribution, and production.
PVR Inox is rapidly expanding to southern states as they claim that southern states bring more footfall per screen than the rest of India, making them more profitable.
“Occupancies are much higher over there..the culture to go and entertain yourself at cinemas is much stronger..average occupancies are around 30%..that’s right(pan-india is 25%)
—Sanjeev Kumar Biji, Executive Director
The company is sticking to a winning formula. By keeping 40% of its new screens in the South, it's reinforcing its hold in a high performance region.
“We have around 1,761 screens now... 40% of that is in the south... we’re adding about 100 screens this year, and again about 40% will be in South India... that number is not going to change.”
—Sanjeev Kumar Bijli, Executive Director
By sharing costs with mall developers, PVR INOX spends less money while expanding faster.
“If we were to invest entirely, the capex for 100 screens would be ₹300–350 crore. But now with FOCO and asset-light, it stands around ₹175–200 crore.”
—Sanjeev Kumar Bijli, Executive Director
Food and drink spending is up, which is great for profits since F&B has higher margins than ticket sales
“F&B spend is measured by PH... we've gone above on spend per head from the last quarter and from same quarter last year... a 10 to 12% increase.”
—Sanjeev Kumar Bijli, Executive Director
More people are going to the movies again. A 10% increase in footfalls shows that theatres are bouncing back strongly.
“Much better than Q1 last year and Q4... we’ll probably end up clocking about 33.5 million people this quarter... Q1 last year was just about 30 million, so it’s about a 10% increase.”
—Sanjeev Kumar Bijli, Executive Director
Sector Takeaway: Retail
Retail companies are cautiously evolving their strategies. Raymond Lifestyle is shifting its growth to a more sustainable, franchise-led model after facing challenges from overly aggressive store expansions. Just Dial has significantly improved efficiency by shifting away from cold calling and is pivoting toward dynamic, category-based pricing. Credo Brands (Mufti) stands out for its disciplined approach, emphasizing profitability, carefully managing inventory, and resisting pressure to chase unsustainable growth. PVR Inox continues strategic regional expansion, capitalizing on high footfall and strong margins, particularly in South India. Across the board, companies in retail are reorienting towards profitable growth, efficiency, and carefully planned expansions rather than aggressive, volume-driven strategies.
Financial Services
Shriram Finance | Large Cap | Financial Services
Shriram Finance Limited is a key player in the financial services industry, formed through the merging of different entities. Specializing in asset financing since 1979, the company offers various credit solutions like vehicle financing, personal loans, and small business loans, promoting financial inclusion by providing affordable finance options for preowned commercial vehicles to First-Time Buyers and Small Road Transport Operators.
The technical write-off represents more than accounting housekeeping - it signals management's confidence that economic conditions have stabilized sufficiently to return to pre-COVID provisioning norms.
"This is Rs. 2,345 crores was nothing to do with the PD and LGD which we have assessed for the current quarter. It is mainly a decision taken based on the coverage being continued for the last 5 to 6 years just before the COVID we started having a coverage of more than 50%. And we used to continue with that. To achieve that, we used to maintain 100% provision on certain assets and those assets we technically wrote off in the current quarter”
— S. Sunder (Joint Managing Director)
The used commercial vehicle market faces a structural supply shortage due to weak sales from 2019-2021. Management expects this shortage to reverse into a supply surge in FY26-28 as 2022+ vehicles enter the used market.
“…but the number of new vehicle sold between 19 to 21 was very low. So there is not enough supply of used vehicle in the market. The used vehicle market did not grow in the last year and maybe previous last year, which is expected to grow because supply will come into the market.”
— Umesh G. Revankar (Executive Vice Chairman)
Stress is concentrated in specific geographic clusters: borders of UP, Bihar, MP, and Chhattisgarh. The stress affects both passenger vehicle and MSME portfolios in these regions.
"See basically most of the passenger vehicle which we are financing has been in the rural segment and certain rural segment had some impact because of the slowdown in the economy and that too in the central part of India.”
— Umesh G. Revankar (Executive Vice Chairman)
“...We had told you that central part of India, that border of MP, Bihar, Chhattisgarh, there has been little slower growth in the economy and that had impacted the cash flow of the local business people and the transporters."
— Y.S. Chakravarti (MD & CEO)
Excess liquidity of Rs. 31,000 crores (double the normal Rs. 19,000 crores) is masking true operational performance. The impact is 20-25 basis points on Net Interest Margin (NIM), suggesting underlying NIM is stronger than reported
"Yes, the liquidity what we used to always tell was that 3 months of future liabilities to be maintained as liquid assets and the number wise it used to be close to around Rs. 19,000 crores. That number is now around Rs. 31,000 crores. That is up from 19 to 31.The current quarter will be around 20, 25 basis points."
— Y.S. Chakravarti (MD & CEO), Parag Sharma (MD & CFO)
85% of branch network is in semi-urban and rural areas, directly benefiting from agricultural recovery.Agriculture growth accelerated from 1.4% to 3.8%, with above-normal monsoon predictions for the current year.
“According to the advanced estimate of GDP for 2025, agriculture and allied activities recorded a 3.8% growth in real gross value added, a notable improvement from 1.4 in the previous year, 23-24..”
"Yes, rural economy will definitely buffer because most of our operations is in the rural. If you look at our branch network, nearly 85% of our branch network is in semi-urban and rural, which has some kind of what to call linking to the rural and the agricultural economy.”
— Umesh G. Revankar (Executive Vice Chairman)
Management voluntarily slowed personal loan growth due to regulatory concerns, not asset quality issues. They believe industry delinquencies have peaked and are now comfortable re-accelerating.
“I made it very clear that the slowing down is not because we are worried about the quality. It is also because the regulator was expressing concern on the personal loan growth in the industry and we thought it is better to be on the safe side so we slowed it down. And the reason why we are back on the pedal now is we have not seen any reason to be concerned in the last two quarters, number one.”
— Y.S. Chakravarti (MD & CEO)
Power Finance Corp | Large Cap | Financial Services
Power Finance Corporation (PFC) was incorporated on July 16, 1986 and is a Schedule-A Navratna CPSE, and is a leading Non-Banking Financial Corporation in the Country. The company is engaged in providing financial assistance to Power Utilities for meeting financing and development requirements of the power sector.
The company emphasizes PFC's commitment to lead financing in emerging energy storage technologies, drawing parallels to their early solar financing success while noting the rapid 20-30% cost reduction in battery storage tariffs since 2022.
“I want to emphasize that grid-scale energy storage technology, especially battery energy storage, are still in their early stages of growth and adoption, not just in India but globally. As the rate of adoption increases, rapid technological advancements are likely resulting in cost reduction and increased efficiency.”
— Parminder Chopra (CMD)
The company reveals that the completion of major government distribution schemes (LIS and LPS) will significantly impact growth, with LPS disbursements nearly exhausted and "very, very few disbursements" expected in FY26.
“When we talk of the distribution sector, two of the major schemes- LIS was already over, but disbursements were being made under LPS scheme, which we are seeing is almost over and a very, very few disbursements are only which we are expecting in the current FY 26. So that is the major change going forward.”
— Parminder Chopra (CMD)
The company acknowledges that banks have advantages in the rate cut cycle due to immediate repo rate pass-through versus PFC's slower repricing of fixed-rate bond funding, while maintaining confidence in spread guidance.
“…but yes, I agree the way you said that for any bank, repo rate reduction has a larger impact in reducing the cost of borrowing as compared to us, where we have most of the commercial borrowings that too from the bond market, which is more or less fixed in nature. But still, since we have an average liability period of four, four and a half year, we expect our 25% borrowing to be repaid.”
— Parminder Chopra (CMD)
Management's defensive but detailed explanation suggests confidence in their underwriting processes and transparent approach to problem recognition, which is crucial for investor trust in asset quality.
“…even though there is no default or no overdue against GENSOL, we had received all the payments which were due, but we have because of the fraud, we have already declared it as NPA. So that these things, when you talk for any of the financial institution, it cant be going to be that there is no slippages at any point of time.”
— Parminder Chopra (CMD)
Chopra reveals the government's plan to add 80 GW of thermal capacity, positioning this as a significant medium-term financing opportunity for PFC, alongside a 100 GW nuclear energy mission by 2047.
“Earlier this year, government has announced its plan to add 80 gigawatts of thermal generation capacity. Given the time-intensive nature of planning and executing thermal power project, we envisage that financing opportunities in this segment will materialize over the medium term, representing a significant medium-term growth avenue for PFC.”
— Parminder Chopra (CMD)
Chopra confidently explains that the 28-30% CAGR growth in private sector lending is primarily driven by renewable energy projects, positioning this as aligned with government vision rather than a credit risk concern.
“See, on the private sector, everybody knows that, as I told you in the initial remarks that the growth is coming either from the distribution sector or from the renewable and renewable has primarily been in the private sector. So all those disbursements have taken place in the renewable private sector. And that is how you are seeing a shift in, our bifurcation between the government sector vis a vis the private sector. Going forward also, we are looking for funding for the cleaning energy in a big way and in line with the government, vision, more and more participation from the private sector. Our financing is also going to go in that direction.”
— Parminder Chopra (CMD)
IEX | Small Cap | Financial Services
Indian Energy Exchange (IEX) is India's premier and largest power exchange, providing a nationwide, automated platform for the physical delivery of electricity, renewables, and certificates.
India's power demand is rising fast, and IEX is carrying that wave. Q4 FY25 saw the highest electricity volume ever traded on their platform.
“IEX traded 31.7 billion units of electricity volume during Q4 FY25, the highest ever electricity volume traded on a quarterly basis, recording a growth of 18% on year-on-year basis… For FY25, IEX traded electricity volume of 121 billion units, a growth of 18.7% over FY24.”
—Satyanarayan Goel, Chairman & MD
IEX is seeing record numbers in trading green power and certificates, showing big interest in renewables.
“A total of 68 lakh renewable energy certificates were traded in Q4 — the highest ever… For FY25, 178 lakh RECs were traded, up 136% year-on-year. Green market volume rose 100% to 1.9 billion units in Q4 FY25 and 171% for the full year.”
—Satyanarayan Goel, Chairman & MD
IEX is starting to see early growth in newer formats like virtual power deals and expects more ahead.
“Close to 1,500 megawatts of capacity under VPPA is already registered with us… You can see this in the increased supply during solar hours. This trend is helping bring down solar prices. FDRE hasn’t started yet but is expected in the next 1–2 years.”
—Rohit Bajaj, Joint MD
Sector Takeaway: Financial Services
Companies in the financial services sector are cautiously optimistic, balancing growth with prudent risk management. Shriram Finance sees stability returning post-COVID, particularly highlighting a future supply surge in used commercial vehicles and geographic concentration of economic stress. Power Finance Corp anticipates slower distribution sector growth ahead, pivoting towards promising opportunities in renewable energy and battery storage, while carefully managing interest rate impacts. Indian Energy Exchange (IEX) reflects strong growth momentum driven by rising electricity demand and increased activity in renewable energy trading. Collectively, financial firms appear confident but vigilant, closely monitoring sectoral shifts, regulatory dynamics, and macroeconomic signals.
FMCG
Heritage Foods Ltd | Small Cap | FMCG
The Heritage Foods Limited was founded by Mr. Nara Chandrababu Naidu in the year 1992, which is one of the fastest growing Public Listed Companies in India, with two business divisions - Dairy and Renewable Energy. The company is engaged in the business of procurement and processing of Milk & Milk products, manufacturing of cattle feeds and also generation of power through solar and wind for the captive consumption of its dairy plants.
Management is signaling a fundamental repositioning of the company's identity from a traditional dairy player to a nutrition-focused enterprise.
"Heritage is no longer just a dairy company. We are evolving into a nutrition-first food enterprise" and "The growth, we expect the growth to come from expanding this 8 percentage to, let's say, 10% or 12 percentage. And that primarily will happen by focusing the conversation more on nutrition."
— Srideep Kesavan - CEO
Management reveals a three-pronged margin expansion strategy: product mix shift, brand premiumization, and operational automation. The key insight is that value-added products have unlimited pricing power compared to commodity milk.
“The first is that we are shifting our business more and more towards value-added products. So because of which surely, if you work out the weighted average, the weighted average margins will continue to expand, right? So that's a no-brainer. The second is we are constantly trying to increase the premium that we are able to get from our brands and products.”
“And the third is the investments that we are making in our capex, which is allowing us more and more automation in our factories and reduction in costs, which will also expand our EBITDA margin.”
— Srideep Kesavan - CEO
Management demonstrates exceptional operational leverage - they simultaneously expanded margins while significantly increasing marketing investments. This suggests strong underlying business momentum and pricing power.
“What you did not notice probably is that in the meantime, while we expanded our EBITDA margin, we also increased our marketing spend by about 0.8% of revenue. So despite increasing our marketing investments by about 0.8 percentage of revenue, we were able to expand EBITDA margin also.”
— Srideep Kesavan - CEO
Management provides specific timeline for Novandie turnaround (1-2 quarters) and reveals that half the reported loss is one-time impairment. The co-packing opportunity suggests immediate revenue visibility.
“The PBT loss that you are mentioning also includes a onetime impairment cost, which contributes half of that number" and "We believe that the plant utilization will go north of 50% almost immediately. And within a quarter or two itself we should be able to turn around the operations very comfortably."
— Srideep Kesavan - CEO
Management's defensive tone and specific reference to growth during opposition years suggests they take this risk seriously despite denying impact. The historical reference provides credible evidence of business resilience.
"I'm very surprised by your statement" and "The biggest proof of it is that even when our leader was in opposition, our founder was in opposition, at that time also, our business was doing very well. In fact, actually, those were the years of fastest growth."
— Srideep Kesavan - CEO
Management reveals sophisticated market-specific product development strategy rather than generic expansion. The success of Sarvaguna in Delhi NCR demonstrates execution capability.
“We are understanding exactly what the consumer needs, and we are creating those formulations uniquely for these markets" and "Sarvaguna was a variant that we launched in Delhi NCR and which is actually doing very well."
— Srideep Kesavan - CEO
Hatsun Agro Products | Small Cap | FMCG
Hatsun Agro Products Ltd is India's largest private sector dairy company, known for its advanced milk collection and processing infrastructure. They utilize innovative technologies like Bactofuge to produce clarified liquid milk. Offering a wide range of products including ice cream, milk products, beverages, and dairy ingredients, they are a prominent player in the industry.
Chandramogan reveals the company has strategically built significant inventory reserves during a period of abundant milk supply, positioning them defensively against anticipated weather-related supply constraints.
"We have the war chest of commodities in any eventuality, the cost of inflation will not hit us and we are well prepared to meet any contingencies without any difficulty."
— R G Chandramogan (Chairman)
Chandramogan suggests revenue growth could potentially reach 20% (versus the guided 15%) if weather conditions create favorable supply-demand dynamics.
“...it may be 15.. it may be 20 also… it all depends on how the monsoon is going to turn out.. we are most likely to come closer to 10000 if not this year, next year we will cross it.
— R G Chandramogan (Chairman)
Chandramogan reveals the company increased milk procurement by 20% year-over-year, positioning them not just defensively but potentially to profit from commodity trading if supply constraints materialize.
"Procurement has gone up 20% compared to the earlier year... If there is a moderate lean, we may be able to sell some commodities at the good premium price and get out of it."
— R G Chandramogan (Chairman)
Chandramogan commits to both revenue growth and margin expansion simultaneously, suggesting strong operational leverage and confidence in their strategic positioning.
“That’s.. actually margins improved better than last year. Margins have to improve and also we are expecting almost 15% increase in topline and almost 1 to 1..5 basis point in margin. Both are expected.”
— R G Chandramogan (Chairman)
Chandramogan reveals the company has reached capacity saturation at two of their three ice cream facilities, indicating strong demand and creating natural volume flow to their newest facility.
“...these two factories are already saturated last year itself.. so, any growth will just go to govindapur automatically.. so, this year we will be able to have better utilization of property.. and also, Solapur is likely to do much better because Maharashtra also we are gaining momentum…”
— R G Chandramogan (Chairman)
Chandramogan consistently emphasizes that growth is entirely volume-driven rather than price-driven, suggesting the company is gaining market share and expanding consumption.
“Volume driven…there is no price increase here anticipating … its all volume driven.”
— R G Chandramogan (Chairman)
Allied Blenders & Distillers | Small Cap | Alcohol
Allied Blenders & Distillers (commonly referred to as ABD) is an Indian-made foreign liquor company, headquartered in Mumbai, India. It is a major distributor of whiskey, rum, vodka, brandy and other spirits, and exports to 22 countries around the world.
ABD expects a sharp drop in Maharashtra sales but is expected to benefit from licensing changes.
“Maharashtra contributes less than 10% of our volume. We expect a 20–30% drop in volumes there due to the new excise policy. But we are well positioned if MML (Manufacturing, Marketing, and Distribution License) plays out, thanks to our existing capacities. That could be a growth opportunity.”
—Alok Gupta, MD
ABD is targeting India’s small but fast-growing luxury spirits market to drive margin expansion, as even minor gains here give huge value impact.
“The super premium and luxury segment makes up only 3% of India’s 420 million cases, but that’s where the money is. Every 1% volume gain in that segment gives us 9% value gain.”
—Alok Gupta, MD
Instead of chasing volumes in the competitive segment, ABD is prioritizing stable margins and profitability.
“Officer’s Choice has about 38% market share. We want to keep growing, but we’re focused on profitable growth. We aim to maintain gross margins above 40% while targeting single-digit volume growth.”
—Alok Gupta, MD
The cost savings are not just temporary. Most of the margin gains are likely to continue in future years, which means more stable profits.
“We saw a 6% improvement in gross margins from FY24 to FY25—3% from vendor renegotiation, 2% from internal efficiencies, and 1% from commodity cycles. About 5% of this is sustainable.”
—Alok Gupta, MD
Sector Takeaway: FMCG
FMCG companies are proactively navigating inflationary pressures and demand fluctuations by strategically repositioning products and optimizing operations. Heritage Foods is shifting its identity towards a nutrition-focused brand, achieving margin expansion through premiumization, product innovation, and operational efficiency. Hatsun Agro strategically built up inventory reserves anticipating supply disruptions, positioning itself for strong revenue growth driven by volumes rather than price hikes. Allied Blenders & Distillers prioritizes margin stability by selectively targeting premium segments and maintaining disciplined cost controls. Overall, FMCG players are carefully balancing market share expansion and profitability, demonstrating strategic agility amid evolving consumer dynamics.
Real Estate
Oberoi Realty | Mid Cap | Real Estate
Oberoi Realty Limited is a leading real estate development company known for premium developments. With a focus on innovative projects, contemporary architecture, and quality construction, the company has built a strong brand and successful track record. Their diverse portfolio includes residential, office space, retail, hospitality, and social infrastructure projects targeting the upper end of the market. They specialize in both mixed-use and single-segment developments.
Oberoi reveals a deliberate strategy of prioritizing high down-payment, quality sales over volume metrics, explicitly rejecting industry practices of taking minimal payments upfront. The company could achieve Rs.10,000 crores in sales but chooses sustainable growth over market capture.
“...And a little wiz here, and there, there are cancelations and all that happen. So for us, we are very clear, we are not averse to volumes obviously, I would love to go to Rs.10,000 crores tomorrow, but I want them to be backed by the money that we ask or demand. So those things are very important for us, and profitability is very important for us. And this is how we want to grow and then..”
— Vikas Oberoi (Chairman and Managing Director)
Management expresses genuine surprise at Sky City Mall's organic demand surge without any marketing spend, with retailers now "running after us" for deals.
“I feel we will have a decent critical mass by June, and that is when we will really start monitoring all this. But the social media impact has been tremendous, unheard of, and the demand from retailers has like shot up like how, now they are running after us for them to close these deals. So, it's really been a revelation and we ourselves are surprised with the potential that location has."
— Vikas Oberoi (Chairman and Managing Director)
Oberoi identifies the transformation of Three Sixty West from a real estate product into a "community" and "cult product" where buyer demand is driven by existing residents rather than just project features.
“So, the good thing about Three Sixty West is that today it's become a community. It's no more just a fancy, good, well designed, well executed project. Today you have people living in there, and that's the game changer I feel really people don't understand that, but I clearly see the power of that project is not what we built.”
— Vikas Oberoi (Chairman and Managing Director)
Management reveals their internal ambition to replicate Goregaon's transformation in Thane, where they successfully created premium pricing through location development.
“I would say the infrastructure of Thane is like really getting transformed, with the way the metro and all of that is working, roads have always been immaculate in Thane. So given all that, I feel Thane looks very promising, we are there for the long run there is no doubt about that, you've seen how we have made a location out of every project that we put, whether it's a 25 acre or 100 acre.”
— Vikas Oberoi (Chairman and Managing Director)
Oberoi acknowledges operating in an "inflationary economy with many uncertainties" while maintaining confidence in India's macro positioning.
“...our positioning in the world has only continued to improve. So I feel that, India will net, net be a beneficiary to whatever happens and if you really see the amount of export we do, if you really see the dependency India has on other countries, barring oil is very little, we are an inward economy when we very smartly outplayed everybody now."
— Vikas Oberoi (Chairman and Managing Director)
Management explicitly refuses to provide sales guidance, citing market sensitivity to promoter statements and execution risks.
"Murtuza, much that I would love to I somehow don't feel comfortable, because whenever a promoter says something, the markets take it really seriously. And, there are many a slip between the lip and the sip.”
— Vikas Oberoi (Chairman and Managing Director)
Prestige Estates Projects | Mid Cap | Real Estate
Prestige Estates Projects Limited is a company focused on real estate development, offering services such as property development, construction, leasing of commercial properties, and partnership profit-sharing. The company has a well-diversified business model with a strong presence in residential, commercial, retail, hospitality, and property management sectors.
The management reveals that NCR was essentially a market test, and the overwhelming success (INR6,500 crores sales from a single project) has triggered aggressive expansion plans.
"Actually, that's why we were trying to test out this market and the market has really welcomed us that shows there's a huge amount of potential here. We are currently, concurrently evaluating a lot of deals that have come to us. And very soon, we should be able to lock in a few deals, a sensible ones.”
— Irfan Razack (Chairman & Managing Director)
This represents a significant shift in management communication strategy, suggesting either heightened market uncertainty or a deliberate attempt to reset investor expectations.
“No, this time, we want to be conservative. We've got also INR20,000 crores worth of inventory. So the strategy is I'd rather under-promise and over-deliver."
— Irfan Razack (Chairman & Managing Director)
The company demonstrates exceptional pricing power with 36% residential price increases and 50% increases in plotted development, while maintaining strong absorption rates.
"However, this was offset by strong pricing power, average realization for residential apartments, villas and commercial products rose 36% year-on-year to INR14,113 per square foot, while plotted development saw a 50% year-on-year increase. We believe that the pricing environment is good.”
— Irfan Razack (Chairman & Managing Director)
The management reveals that completing structural simplification would cost upwards of INR800 crores, which they consider too expensive currently. This suggests cash flow prioritization toward growth investments rather than corporate restructuring.
“Now acquiring the balance 24% also will require significant sum of outflows, which will put pressure on our cash flows and impact even our debt profile. So considering the cash outflow impact on the stake acquisitions, I don't think so in the current year, we are planning any further acquisitions. If you take benchmark of INR500 crores, it will be Nautilus and other projects.”
— Irfan Razack (Chairman & Managing Director)
Mumbai overtaking Bangalore in sales represents a fundamental shift in the company's geographic revenue base. Combined with faster delivery timelines (3.5 years vs. industry standard of 5-6 years in Mumbai), this indicates execution advantages that could drive market share gains.
"It's also worth highlighting that in this quarter, our sales in Mumbai overtook Bangalore, a significant milestone that underlines the success of our geographic diversification strategy. So it generally takes about 4 years or 48 months to do any real estate project. But depending on the nature of the project and scale, sometimes it could go up by a year or 2 over there.”
— Irfan Razack (Chairman & Managing Director)
The management's confidence in approval resolution suggests they have developed better regulatory management capabilities or have received unofficial clearances.
..”Yes, I think we've got a grip on our approvals, and they have started falling in place. What we have said earlier also when we give the launches planned in the GDV slide, most of these projects are in the final or penultimate stage of their approval.”
— Irfan Razack (Chairman & Managing Director)
The company maintains disciplined acquisition criteria requiring 30-35% EBITDA margins and self-funding projects, even in a competitive market.
"And at the same time, we have a very balanced approach at looking at new acquisitions, where we believe that the project should fund itself. So we are not very aggressive in the way we price our acquisitions. So over there, we look at an EBITDA margin of 30% to 35%, and based on this, we look at acquiring these assets.”
— Irfan Razack (Chairman & Managing Director)
Sector Takeaway: Real Estate
Real estate companies are demonstrating a disciplined yet opportunistic approach amid an uncertain macro environment. Oberoi Realty emphasizes sustainable, profitable growth over sheer sales volume, strategically prioritizing quality and premium positioning. Prestige Estates is aggressively expanding into high-potential regions like NCR, leveraging robust pricing power and rapid execution capabilities. Both companies exhibit cautious optimism, carefully managing execution risks, regulatory environments, and inflationary pressures, while confidently pursuing selective growth opportunities.
Engineering & Capital Goods
Jupiter Wagons | Small Cap | Engineering & Capital Goods
Jupiter Wagons Limited is primarily involved in the manufacturing of railway freight wagons, passenger coaches, and related components. They also produce load bodies for commercial vehicles and ISO marine containers. The company serves the Indian Railways, private wagon aggregators, and commercial vehicle OEMs, among others.
Recurring delays in rail wagon execution due to wheel set shortages from Indian Railways have become a systemic risk. In response, Jupiter is investing ₹3,500 crores in a greenfield wheel and axle forging facility in Odisha. The company has secured 65% debt-led financing and aims for 100,000 forged wheel sets annually.
“Once our project comes online, we will be able to fill up this gap to a large extent.”
“We expect to commission axle lines by mid-FY27 and wheel lines by early FY28.”
— Vivek Lohia (Managing Director)
JWL has begun supplying battery storage solutions to Indian Railways (for Vande Bharat trains), private forklift makers like Godrej and TruckCraft, and is eyeing the solar park storage segment, which is expected to grow to 10 GW capacity by 2030.
“Battery business... very specialized high voltage applications... margins are very robust.”
“Market is growing 200% YoY... currently 90% met by China.”
— Vivek Lohia (Managing Director)
JWL reaffirmed its ₹10,000 crore revenue target by FY28. Current growth is modest (~9.3% YoY), so target implies a steep growth curve post-commissioning of the Odisha facility.
“Majority of the growth will come once Odisha facility is operational… it will be 30–40% of our revenues.”
— Sanjiv Keshri (CFO)
Scoda Tubes | Small Cap | Metals
Scoda Tubes is an India-based manufacturer of stainless steel tubes and pipes. They offer seamless and welded tubes and pipes under the brand 'Scoda Tubes'. Their products cater to various industries including Oil and Gas, Chemicals, Power, Automotive, and more.
Outlines a significant capex plan of Rs 100 crore to nearly triple finished goods capacity, indicating aggressive growth ambitions and future revenue potential.
“We intend to invest Rs 100 crore in capital expenditure to support this growth. Out of this, Rs 55 crore will be allocated towards expanding our seamless production capacity and Rs 45 crores towards increasing our welded production capacity.”
— Samarth Patel (Chairman & Executive Director)
Sets an ambitious forward-looking volume growth target, significantly above industry average, though contingent on new capacities coming online in H2 FY26.
“But we can give you a qualitative guidance where we aim to grow at 2.5 to 3x the industry growth in terms of volumes.That said, our FY26 growth will be back-ended as an additional capacity comes on stream only in H2 FY, financial year '26.”
— Samarth Patel (Chairman & Executive Director)
Confirms a significant reduction in the effective tax rate to ~25%, which will positively impact net profitability going forward.
“So you are right, we have opted for the new tax regime, that is section 115BAA of the Income Tax Act, 1961, shifting from the old regime to the new regime, reducing the tax rate from 29.8% to 25%. So effective tax rate will be around 25.168%. So going forward, the applicable tax rate will be 25%. Why it matters: Confirms a significant reduction in the effective tax rate to ~25%..”
— Samarth Patel (Chairman & Executive Director)
Diversification into high-potential sectors like green energy, power, marine, and defense could open new revenue streams and de-risk the business.
“So if we talk about the approvals and the sectors which we expect to grow or which we target to enter or explore, is basically on the green energy side. Even in the energy and power sector as well…”
— Samarth Patel (Chairman & Executive Director)
Signals a strategic move to strengthen European presence by establishing direct operations, aiming for better control over logistics and market penetration.
“While we won't comment on macroeconomic conditions of specific regions, we do plan to establish our own offices in Europe to manage on-ground logistics, which are currently outsourced to local agents. Our broader goal is to expand export presence across sectors and geographies.”
— Samarth Patel (Chairman & Executive Director)
Highlights a specific strategic focus on growing the welded tubes and pipes business, including new product launches, alongside broader expansion.
“In addition to the planned expansion, the management plans to focus on increasing international customer base and customer diversification,expanding our welded tubes and pipe business and launching new products in the welded segment, increasing operational efficiency to enhance value addition through backward integration.”
— Samarth Patel (Chairman & Executive Director)
Mothersonsumi Wiring | Small Cap | Metals
Motherson Sumi Wiring India Limited (MSWIL) is a leading manufacturer and supplier of wiring and electrical distribution systems in India, primarily for the automotive industry.
Three new plants are getting ready to operate at full scale in the second half of FY26, and together they’re expected to generate over ₹2,100 crore in yearly sales.
“Once the volumes pick up—which we are expecting in H2—when these three plants reach full volume, this sales will get realized on an annual basis… we should be able to utilize them to the optimum capacity.”
—Mahender Chhabra, CFO and Anurag Gahlot, COO
Margins declined this quarter, but management explained it's due to product mix and timing of cost recovery from customers, long term margins are stable.
“Product mix is one reason for margin variation… as far as copper is concerned, even though there's a pass-through arrangement, there’s a time lag. Over a year, the impact gets squared off.”
—Mahender Chhabra, CFO
While passenger vehicles remain the core, other segments like 2-wheelers, commercial vehicles, and aftermarket are contributing significantly to growth.
“Apart from PVs (Passenger Vehicles), there is a fair amount of business which comes from the 2-wheeler segment, from the commercial vehicle segment, and also from the aftermarket. All these three areas have also grown over the last couple of years.”
—Pankaj Mital, COO
MSWIL is deeply embedded in India’s auto industry and is often the default wiring partner when OEMs(Original Equipment Manufacturer) develop new models, a sign of customer trust and execution reliability.
“Almost every vehicle that gets launched in India today, we are a part of that. This includes both new ICE platforms and upcoming EV platforms. Our customers involve us early in the development phase — that’s the kind of relationship and confidence they have in us.”
—Pankaj Mital, COO
Usha Martin | Small Cap | Metal
Usha Martin Ltd is primarily engaged in manufacture and sale of steel wires, strands, wire ropes, cords, related accessories, etc. It is also involved in sale of other products such as wire drawing and allied machines.
Usha Martin is executing a company-wide transformation called “One Usha Martin”, aimed at dissolving regional silos and building a unified global operating model. A significant move involves repositioning its Brunton Shaw UK (BSUK) unit to solely manufacture high-specification, large-diameter ropes for the Oil and Offshore sector. Other sectors will now be served via direct exports from India.
“Brunton Shaw will operate as a specialized hub, focused exclusively on manufacturing critical large diameter ropes for the Oil and Offshore sector. For other key value-added sectors, such as Fishing, Elevator, Crane and Mining, we have commenced direct exports from India. This integration of Ranchi and Brunton Shaw has played a significant role in reducing inventory requirements…”
— Management
Saudi Arabia was discussed repeatedly—not just as an export market but as a strategic growth node. Management revealed that monthly volume run-rate has already hit ~2,500 tons annualized, with plans to double. What’s interesting: demand is across verticals—Oil, Ports, Construction, indicating deep-market potential.
“We have started doing between 150 to 200 tons a month… expect to exit the year at 4,000 tons. Traction is fairly strong.”
— Management
Sector Takeaway: Engineering & Capital Goods
Companies in Engineering & Capital Goods are strategically gearing up for significant capacity expansions and diversified growth avenues. Jupiter Wagons is proactively addressing supply chain risks through heavy investment in a critical wheel and axle facility, while also tapping into rapidly growing battery storage markets. Scoda Tubes is aggressively expanding capacity and product range, strategically targeting growth through diversification into high-potential sectors like green energy, marine, and defense. Motherson Sumi Wiring emphasizes operational readiness for scaling up production with new plants, leveraging deep-rooted relationships with India's automotive industry. Usha Martin is restructuring to enhance global efficiency and target strategic markets like Saudi Arabia for robust growth across sectors. Collectively, these companies are positioning themselves for long-term structural growth, carefully balancing expansion plans with operational prudence and sector-specific opportunities.
Chemicals
Godrej Industries | Mid Cap | Chemicals
Godrej Industries is a diversified holding company with key businesses in chemicals, consumer goods, real estate, and agri-products.
Godrej is thinking big. They're investing heavily to more than double in size, and they’re doing it step-by-step, starting with ₹750 crore now and more to follow.
“Our expansion plan is to become a billion-dollar company before 2030. We’ve already announced ₹750 crore of investments till around 2028, and we will likely add another ₹400–₹500 crore as we get closer to 2030”
—Vishal Sharma, CEO-Chemicals
The company doesn’t need loans, it's strong enough to pay for big expansions from its own profits. That keeps debt low and financial health strong.
“We will not be taking any borrowings for this ₹750 crore investment. The money will come from the business—from our EBITDA and cash generation.”
—Vishal Sharma, CEO – Chemicals
Godrej is growing at home and abroad and it sees a big global potential. The shift toward exports gives access to larger markets and more currency diversification.
“Right now, our India to international revenue split is 75:25. Our goal is to move that closer to 60:40, while still growing India business in strong double digits (10–12%) and international at 25%+.”
—Vishal Sharma, CEO – Chemicals
These new products are more profitable than the rest of the business. As their share grows, the company’s overall margins will likely improve steadily.
“Our speciality and biotech businesses already deliver margins that are four to five percentage points higher than our average margins.”
—Vishal Sharma, CEO – Chemicals
Global
Nike | Large Cap | Retail
Nike, Inc. specializes in the design, manufacturing and marketing of sports shoes, clothing, and equipment. The group's products are sold primarily under the names Nike, Jordan, Converse Chuck Taylor, All Star, One Star, Star Chevron and Jack Purcell.
Nike has undertaken a fundamental organizational restructuring, moving from demographic-based to sport-based divisions. The shift indicates that the company believed its earlier structure was hindering innovation.
“Instead of a Men's, Women's and Kids construct Nike, Jordan and Converse teams will now come to work every day with a mission to create the most innovative and coveted footwear, apparel and accessories for the specific athletes they serve.”
— Elliott Hill (CEO)
Nike marks a significant reversal from its revious direct-to-consumer focus, suggesting they're prioritizing market reach over margin control during their recovery phase.
“And, finally, we announced a new partnership with Amazon. This Fall, they'll carry a select assortment of footwear, apparel and accessories and Nike will have a featured brand store on the platform, focused on running, training, basketball and sportswear.”
— Elliott Hill (CEO)
“The $1 billion gross impact figure is massive, representing roughly 2% of annual revenue. The fact they're only expecting 75bp net impact suggests aggressive mitigation measures.”
“For Fiscal 26, we expect the financial impact, net of the actions described earlier, to be approximately 75 basis points to gross margin, with a greater impact in the first half.”
— Elliott Hill (CEO)
The $1 billion revenue headwind from just three shoe models (AF1, Dunk, AJ1) reveals how concentrated Nike's revenue was in these classic franchises.
“In Q4, these declines accelerated to more than 30%, representing almost a $1 billion headwind to revenue; we also finished Q4 down approximately 10 points from the peak as a percent of our total footwear mix.”
— Elliott Hill (CEO)
The 50% growth in women's basketball business suggests Nike is successfully capitalizing on the WNBA/women's basketball boom, potentially creating a new major revenue driver.
“In basketball, our women's business expanded more than 50% this fiscal year, proving that product demand is catching up to the spike in energy surrounding the women's game.”
— Elliott Hill (CEO)
Management is explicitly managing expectations for China recovery, suggesting deeper structural issues than previously acknowledged.
“China will take longer due to the unique characteristics of the marketplace. We've been operating in China for over four decades and our team knows what is required to return to growth.”
— Elliott Hill (CEO)
Nike is accepting significant traffic declines to maintain pricing discipline, suggesting they believe margin preservation is more important than volume growth in the near term.
“We continue to expect Digital traffic to be down double-digits in Fiscal 26, as we reposition Nike Digital as a full price model and reduce the mix of our classic footwear franchises.”
— Elliott Hill (CEO)
Netflix | Large Cap | Media
Netflix, Inc. provides entertainment services. The company offers television (TV) series, documentaries, feature films, and games across various genres and languages. It also provides members the ability to receive streaming content through a host of internet-connected devices, including TVs, digital video players, TV set-top boxes, and mobile devices.
This reveals Netflix's actual internal growth targets are significantly more aggressive than public guidance suggests.
“We're happy to comment on and discuss the detail. We do have big long-term aspirations, and those aspirations are really grounded in the potential for growth that we see in the business. Now, we think we got a pretty good business today, over $40 billion in revenue.”
— Ted Sarandos (CEO)
Netflix is building a proprietary ad tech stack that could create significant competitive advantages through better targeting, measurement, and user experience - but they're "literally just beginning."
"And then the other big space of benefit by being on our own ads tech stack is, it enables us to have more control to create a higher quality ad experience for our members. This is things that are really important like increasing ad relevance, which is just good for everybody in the whole ecosystem."
— Ted Sarandos (CEO)
Netflix sees no current recession impact on key metrics and believes their low-cost ad tier provides unprecedented recession resilience compared to previous downturns.
“I think that having the low-cost ads plan in our largest markets also gives us more resilience, and we think that we represent an incredible entertainment value starting at $7.99 in the U.S. and Canada..”
"Historically, in tougher economies, home entertainment value is really important to consumer households, and Netflix is a tremendous value in absolute terms and certainly in competitive terms."
— Ted Sarandos (CEO)
Netflix is making its first major homepage redesign in over a decade, driven by the insight that even their biggest hits represent less than 1% of total viewing.
"Some examples of this last year, we began testing a new, simpler, more intuitive TV homepage. This is something that we hadn't made big structural changes to in over a decade. And we believe that that will significantly improve the discovery experience on Netflix.”
— Ted Sarandos (CEO)
Netflix is deliberately constraining gaming investment until they prove value creation, despite seeing a $140 billion addressable market opportunity.
"We don't want to grow our investment too much until we iteratively develop high confidence that we know how to translate that investment into member value, like the increased retention we see when members play our games. So, our investment by our scale is still relatively modest.
— Ted Sarandos (CEO)
Netflix is maintaining conservative 29% margin guidance despite Q1 beat, citing major content and marketing spend loaded in back half of year.
“We are still forecasting 29% full year margin, operating margin for the year, and we primarily manage the full year margin. As you know, our margins bounce around a bit quarter-to-quarter, that's usually based on the timing of our content slate. That's the primary driver. And that's what's reflected in our forecast.”
— Ted Sarandos (CEO)
Netflix is constraining live sports investment to "breakthrough events" that must "make economic sense," despite seeing "outsized positives" from live content.
“Thanks, Rich. Just, I do want to remind you that our live strategy is beyond just sports. So, I'm not going to comment on any of those specific opportunities at this time. But I will steer you back to the letter to show you that our live event strategy is unchanged and we remain really focused on the big breakthrough events. Our audiences love them. And so anything we chase in the event space or the sports space is a deal that'd have to make economic sense as well."
— Ted Sarandos (CEO)
That’s it for now! Your feedback will really help shape how The Chatter evolves. Drop it down in the comments below!
Quotes in this newsletter were curated by Apeksh, Mridula, Vignesh, Kashish.
Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.
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If you look at the entire message containing all different scrips and their explanations..its quite a big read through..so probably someone like me..a businessman who has to go through a lot of reading on the weekends..has to leave a lot..probably very few like me.. but it was just a suggestion..am not saying your detailing is not good..its excellent for someone ..but honestly time is a big issue especially for us in Mumbai..hence the comments..otherwise you guys are doing a good job
Very informative and helpful..can include more concall insights,especially smaller companies..